Form 990 for tax year 2024
Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.
Totals
- Total revenue
- $7,287,547
- Total expenses
- $5,890,464
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $4,705,805
- Investment income
- $2,581,742
- Other revenue
- $0
- Total assets, end of year
- $146,696,091
- Total liabilities, end of year
- $128,038,774
- Net assets or fund balances, end of year
- $18,657,317
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: INCOME FROM LOANS
total $3,238,657 · related or exempt $3,238,657
-
2b · Program service revenue: FEES/CHARGES/OTHER
total $1,439,399 · related or exempt $1,439,399
-
2c · Program service revenue: FINANCE & INSURANCE
total $27,749 · unrelated business $27,749
-
3 · Investment income
total $2,581,742 · related or exempt $2,581,742
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $575,938
-
7 · Other salaries and wages
total $1,316,379
-
8 · Pension plan contributions
total $133,213
-
9 · Other employee benefits
total $419,234
-
10 · Payroll taxes
total $135,303
-
11b · Fees: legal
total $43,356
-
11c · Fees: accounting
total $494,695
-
12 · Advertising and promotion
total $64,065
-
13 · Office expenses
total $426,304
-
14 · Information technology
total $316,693
-
16 · Occupancy
total $138,909
-
17 · Travel
total $66,815
-
20 · Interest
total $649,212
-
22 · Depreciation, depletion and amortization
total $241,353
-
23 · Insurance
total $199,752
-
24a · Other expenses: MAINTENANCE AND REPAIRS
total $291,995
-
24b · Other expenses: PROVISION FOR LOAN LOSS
total $137,056
-
24c · Other expenses: VISA EXPENSES
total $91,354
-
24d · Other expenses: LOAN SERVICING
total $73,680
-
24e · All other expenses
total $75,158
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,075,861 · end of year $2,276,228
-
2 · Savings and temporary cash investments
beginning of year $33,860,850 · end of year $24,980,173
-
4 · Accounts receivable
beginning of year $87,333 · end of year $50,705
-
7 · Other notes and loans receivable
beginning of year $49,522,246 · end of year $48,480,390
-
9 · Prepaid expenses and deferred charges
beginning of year $184,464 · end of year $251,934
-
10a · Land, buildings and equipment: cost or other basis
$6,604,713
-
10b · Land, buildings and equipment: accumulated depreciation
$4,008,968
-
10c · Land, buildings and equipment, net
beginning of year $2,416,438 · end of year $2,595,745
-
11 · Investments: publicly traded securities
beginning of year $19,500,000 · end of year $17,749,792
-
12 · Investments: other securities
beginning of year $38,201,976 · end of year $45,447,976
-
14 · Intangible assets
beginning of year $1,901,281 · end of year $1,901,281
-
15 · Other assets
beginning of year $2,744,253 · end of year $2,961,867
-
17 · Accounts payable and accrued expenses
beginning of year $2,275,092 · end of year $1,374,014
-
25 · Other liabilities
beginning of year $130,959,376 · end of year $126,664,760
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $17,260,234 · end of year $18,657,317
Mission and programs · 2024
Mission
DELIVERING DREAMS THROUGH SIMPLIFIED FINANCIAL SERVICES.
-
INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP.
As filed on the 2024 return.
Listed in Part VII
-
James Norwood JrJAMES NORWOOD JR
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Rudy HowardRUDY HOWARD
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Candy RigdonCANDY RIGDON
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Cathy MerrittCATHY MERRITT
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Linda OsborneLINDA OSBORNE
BOD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Betty PoteetBETTY POTEET
BOD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Matt ReynoldsMATT REYNOLDS
BOD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Gretchen LunsfordGRETCHEN LUNSFORD
CEO
- Total calculated
- $457,748
- From this org
- $417,799
- From related orgs
- $0
- Other
- $39,949
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $188,693
- Bonus
- $29,106
- Other
- $200,000
- Deferred
- $8,953
- Nontaxable benefits
- $30,996
- Filer's total
- $457,748
-
Sandra PrevattSANDRA PREVATT
EVP
- Total calculated
- $259,261
- From this org
- $221,168
- From related orgs
- $0
- Other
- $38,093
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $143,658
- Bonus
- $26,010
- Other
- $51,500
- Deferred
- $7,347
- Nontaxable benefits
- $30,746
- Filer's total
- $259,261
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation committee
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 3
- THE CEO, GRETCHEN LUNSFORD AND THE EVP, SANDRA PREVATT, PARTICIPATE IN A NON-QUALIFIED DEFERRED COMPENSATION PLAN. BOTH PARTICIPANTS RECEIVED A PAYOUT DURING 2024: GRETCHEN LUNSFORD: $200,000 SANDRA PREVATT: $50,000
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 16 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202503219349302960
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